If you are searching for a business model that has success at reaching a dominant demographic, starting a fast food franchise could be your next best investment. We have entered an age of convenience where having everything is at your fingertips whenever you need rules the day. There is no other demographic that knows about this transformation of public expectancy more than Millenials. Here, we will take a closer look at why Millenials are such a fantastic target demographic for individuals starting a fast food franchise like Samurai Sam’s.
Efficiency is Excellent
Millennials are always on the go and sometimes don’t have the patience to spend time doing something that takes multiple steps or more effort if there’s a quicker option available. Millennials have grown accustomed to efficient ways to take care of daily tasks– it’s undeniably evident in the evolution of technology. This group of consumers has grown up in a period of time where everything they want can be accessible with the click of a button, and they save time doing it.
For a Quick Service Restaurant (QSR), this is an excellent opportunity because we are able to provide a basic need for this demographic to save them the time of running to a store and preparing a meal themselves. A study done by the USDA’s Economic Research Service showed that Millennials spend an average of 55 minutes a day on food preparation, which is significantly less than the Gen Xers who spend around 143 on average.¹ For a Millenial looking to save time, why not eliminate time spent on a grocery store trip and preparing a meal by picking up your lunch from a Samurai Sam’s?
Spending Money on Preparation
For the Millennial population, the price that is allocated toward prepared food is justified by the time they would have to spend toward their meal preparation and cleanup. When you buy from a QSR like Samurai Sam’s, you’re purchasing a meal, eating it and throwing away a container it came in– a quicker process. The guests of a QSR will not have to worry about spending time to make their meal or cleaning the mess afterward. In a study done, 62 percent of millennials reported purchasing prepared deli food, carry-out, delivery, or fast food within the last seven days.² Samurai Sam’s provides Millennials with the fresh protein and veggies they need in a day without the time it takes to make it themselves.
Cruciality of Convenience
The food scene has seen an incredible demand for convenience and spending on what is going to fit best with a person’s busy schedule. Our industry has seen a rise in delivery services that allow consumers to purchase their meal right from their device. Customers can now have food brought to them without having to move or even speak with someone on the phone. Samurai Sam’s has relationships with these 3rd party delivery services. This food delivery industry has been projected to sky-rocket to a $365 billion industry by 2030, and a majority of this charge is from the Millennial population.³ For an investor starting a fast food franchise, this type of service will only supplement the convenience your model already provides.
Would you like to know about the steps of starting a fast food franchise? Let our team at Samurai Sam’s know today!
¹ Kuhns, Annemarie. “Food Purchase Decisions of Millennial Households Compared to Other Generations.” United States Department of Agriculture. December 2017. Accessed August 22, 2019. https://www.ers.usda.gov/webdocs/publications/86401/eib-186.pdf?v=43097.
² Cernansky, Rachel. “Millennials Spending More Money Eating Out, Less Time Preparing Food at Home.” Supermarket News. January 26, 2018. Accessed August 22, 2019. https://www.supermarketnews.com/consumer-trends/millennials-spending-more-money-eating-out-less-time-preparing-food-home.
³ Rajan, Divya. “Millennials’ Use of Food Delivery Apps Might Put an End to Home-cooked Meals.” Xtalks. May 08, 2019. Accessed August 22, 2019. https://xtalks.com/millennials-use-of-food-delivery-apps-might-put-an-end-to-home-cooked-meals-1408/.
